BAM Worldwide, a provider of cash management and working capital, e payment solutions to the transportation industry, announced Tuesday (June 6) that it has completed a $10-million investment led by Millstone Capital Partners.
In a press release the company said it will use the funding to aggressively expand sales, innovation and product development. It will also use the funding to invest in its team. “BAM has built its business on providing a scalable, cloud-based platform which allows our customers to access both our technology and our capital so they can grow faster,” said Todd Ehrlich, BAM’s chief executive officer, in the press release.
Since launching in 2014, BAM said it has helped transportation companies gain easy access to capital and technology to book loads more quickly, reduce days-to-pay, improve credit scores and build stronger carrier relationships while increasing cash flow. The new funding comes on the heels of a strong year for online payments company BAM, in which it has seen its revenue increase by 300 percent. The company was ranked a top 25 fastest growing company in Atlanta by the Atlanta Business Chronicle as part of the 2017 Pacesetter Awards.
BAM provides technology, payments processing and working capital loans to the U.S. trucking industry. The company’s specialty finance software and operations platform, BAMwire, is changing the traditional funds transfer and advance processes used by freight carriers and brokers. “The transportation industry landscape will look dramatically different five years from today, with new technology changing the way companies handle their finances,” said Ramesh Mantha, partner at Millstone Capital Partners. “We believe BAM is at the forefront of this innovation.” Bam launched BAMWire in May. According to Bam, the capital allows these companies to pay for imminent costs, including fuel and operating expenses. The solution provides financing for outstanding invoices, allowing borrowers to decide how much they need. BAMWire charges clients a onetime fee and a “competitive interest rate for the number of days that borrowed funds are used,” for online payments, the company said in a press release.